The acquisition of the share of Enel in SeverEnergy by Rosneft is good for the company
Edited by Rhod Mackenzie / 2013-11-15 05:13:45
Rosneft has acquired 19.6% share of Enel in SeverEnergy for $1.8 billion.
The deal is positive and we expect a fight for the 29.4% share of Eni in the asset. Both NOVATEK and Gazprom are going to suffer from the presence of Rosneft. It will probably result in a reconsideration of the contract’s terms.
SeverEnergy within the framework of the deal is valued at $9.2 billion or $3.8 per a barrel of oil equivalent (1P cat.) against the current assessment of Rosneft - $6.2 per a barrel of oil equivalent. Besides, the asset increases production (up to 700 thousand barrels of oil equivalent by 2020 from the current 100 thousand) and it is going to be another accelerator for the growth of Rosneft.
